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Black Stone Minerals LP(BSM)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for BSM
11/06/2026: BSM (1-star) is currently NOT-A-BUY. Pass it for now.
Black Stone Minerals LP is a publicly traded master limited partnership that owns and manages a vast portfolio of oil and natural gas mineral interests across the United States. Its primary business strength is a capital-efficient, royalty-based model that generates cash flow from third-party production without the risks of operating wells. The company's main investment story revolves around its long-lived asset base and the potential for incremental growth through strategic mineral acquisitions. Key risks include exposure to volatile energy commodity prices and reliance on external operator activity. The stock may suit dividend-focused investors seeking energy exposure, provided they can monitor the impacts of price cycles and MLP tax reporting.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Mixed fit | The company relies on industry production growth rather than internal technological innovation. |
| Momentum investor | Mixed fit | Momentum follows energy commodity price trends, which influence BSM unit price performance. |
| Value investor | Strong fit | The business model often trades at valuations reflective of commodity cycles and cash flow yields. |
| Dividend investor | Strong fit while signal remains positive | BSM is structured to distribute cash, making it attractive for income-focused portfolios during favorable energy cycles. |
| Low-risk investor | Weak fit | Direct exposure to volatile commodity prices makes this a higher-risk instrument. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | BSM revenue is directly correlated to the fluctuating prices of oil and natural gas. |
| Valuation risk | Medium | Market sentiment toward energy can lead to significant swings in unit price relative to asset value. |
| Competition risk (Oil & Gas Royalties) | Medium | Competition for mineral acreage can drive up acquisition costs and lower potential yields. |
| Business quality | Medium | The passive nature of the model provides stable operations but limits direct control over outcomes. |
| Dividend income | Medium / high | Distributions are variable and heavily dependent on production volumes and commodity prices. |
| Execution risk | Low | Management's primary execution task is the acquisition of mineral interests rather than drilling operations. |
Price Behavior
Steady Uptrend
The stock demonstrates consistent and steady upward price momentum.
Very Smooth
The stock has followed a highly orderly price path with minimal short-term disruption.
Analysis of Past Performance
Type Stock | Historic Profit -14.24% | Avg. Invested days 57 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  3.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 11/06/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 2.98B USD | Price to earnings Ratio 13.71 | 1Y Target Price 16 |
Price to earnings Ratio 13.71 | 1Y Target Price 16 | ||
Volume (30-day avg) 467.1K shares | Beta 0.09 | 52 Weeks Range 12.07 - 14.83 | Updated Date 11/07/2026 |
52 Weeks Range 12.07 - 14.83 | Updated Date 11/07/2026 | ||
Dividends yield (FY) 2.14% | Basic EPS (TTM) 1.02 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Oil & Gas Royalties | Production revenues from oil, natural gas, and NGLs generated from owned mineral interests. | BSM collects a 'toll' on every unit of energy produced on its land, profiting when energy prices or production volumes rise. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date 2026-11-02 | When After Market | Estimate 0.2 | Actual 0.21 |
Profitability
Profit Margin 68.25% | Operating Margin (TTM) 56.37% |
Management Effectiveness
Return on Assets (TTM) 14.03% | Return on Equity (TTM) 25.59% |
Valuation
Trailing PE 13.71 | Forward PE 11.67 | Enterprise Value 3.25B | Price to Sales(TTM) 8.32 |
Enterprise Value 3.25B | Price to Sales(TTM) 8.32 | ||
Enterprise Value to Revenue 6.89 | Enterprise Value to EBITDA 10.96 | Shares Outstanding 212.86M | Shares Floating 164.01M |
Shares Outstanding 212.86M | Shares Floating 164.01M | ||
Percent Insiders 21.34 | Percent Institutions 18.82 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
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